Bitcoin (BTC) surpassed $25,000 for the first time in months on August 14but traders refused to risk a bullish rally.
BTC Briefly Hits $25,000 This Weekend
Data from Cointelegraph Markets Pro and TradingView tracked a sudden rise of the BTC/USD pair, which reached $25,050 on Bitstamp on a $350 hourly candle.
The move took the pair to a new high since June 13erasing more of the losses seen that day in what remains a major BTC price correction.
However, looking at the market setup, the familiar bearish tones remained.
For the popular Il Capo of Crypto Twitter account, recent highs seemed to provide the last piece of the puzzle before a new downtrend was established.
Il Capo had previously forecast a high of $25,000 to $25,500 before bitcoin changed direction to head lower.
little bit higher and
— il Capo Of Crypto (@CryptoCapo_) August 13, 2022
A little higher and…
“$25,000 reached, but no long-term bearish signs yet“, he added in a publication later.
“We could see another leg up to $25,400-25,500, but I think the top of this bear market rally is very close. Most altcoins are hitting major resistance.”
His colleague was also cautious Crypto Tony, who called for bitcoin to turn the resistance of its $24,500 multi-month range into support to consider long positions.
Looking for that range high flip into support before i look to re long legends pic.twitter.com/UQ99hWO8w4
— Crypto Tony (@CryptoTony__) August 14, 2022
Looking for that top of the range to become support before returning to 100% long positions.
Others were hopeful that the trend would continueincluding Dave the wave, who watched Encouraging signs in the moving average convergence indicator (MACDfor its acronym in English) of bitcoin as evidence.
The MACD, a classic trend indicator, allows traders to gauge the strength of a particular chart trend, giving buy and sell signals on multiple time frames in the process..
“Lots of upside pressure at a resistance level,” he said, summarizing the day.
“The weekly MACD is about to cross from an oversold position well below the zero line. Bullish.”
Ethereum redoubles the bet for the 2,000 dollars
In the meantime, there was a more modest spike for major altcoin Ether (ETH), which hit $2,030 on the day.
After breaking above the $2,000 mark for the first time since May earlier in the weekend, the ETH/USD pair seemed to be in consolidation mode with no significant momentum continuing.
However, looking ahead, there were plenty of traders willing to bet on bullish times to come.
“We continue to follow the structure of the last cycle perfectly and most people still don’t believe it. $5,000 and up for $ETH is not just a meme“, plot Mustache next to a comparative graph of Ethereum at the moment versus 2016-17,
Meanwhile, in the event of a pullback, Jackis eyed the former resistance in the ETH/BTC pair as an entry point.
This is the macro chart and we just got a 2M breaker.
Whenever we get the retest of 0.0725 I’ll be bidding with my networth targeting 0.115
Bullish for the next two years pic.twitter.com/CYRxNaMfLF
— JACKIS (@i_am_jackis) August 13, 2022
How can anyone be bearish on Ethereum & ETH/BTC is beyond me.
This is the macro chart and we just got a break of $2,000.
When we have the proof again of 0.0725 I will be bidding with my network aiming at 0.115
Bullish for the next two years
The ETH/USD pair was still hovering around $2,000 at the time of writing, and the ETH/BTC pair had hit 8-month highs.
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